Porsche halts its NFT minting amid negative feedback

German sports car manufacturer Porsche has announced that it will be halting its Ethereum-based non-fungible token (NFTs) minting due to the public backlash. 
The announcement was made on the company’s Twitter on Jan. 24. The minting is still open, but Porsche will close it on Jan. 25.

Our holders have spoken. We’re going to cut our supply and stop the mint to move forward with creating the best experience for an exclusive community. More info in the next hours.
— PORSCHΞ (@eth_porsche) January 24, 2023

The news comes just days after Porsche announced the launch of its NFT collection dedicated to its iconic model 911. The NFT was designed to grant customers access to the brand’s events and merchandise.
Shortly after minting commenced, the collection’s floor price dropped from 0.911 to 0.88 ETH ($1,500 to $1,400). Current OpenSea data indicates that the price hovers around 0.9 ETH. About 18% of NFTs have been minted out of 7,500 tokens.

Porsche NFT sales on OpenSea

The community addressed the high cost of Porsche’s NFTs, dubbing the tokens “clueless.”

I’m not at all surprised by the Porsche NFT fail.Ive worked with some of the worlds largest brands, each one has always said ‘can you make it look more like an NFT? Y’know, CGI, technical & glitchy’.So I did.It’s the Advertising/Marketing agencies who are clueless.
— 💎Paul ECLIPSE Massey (@PaulMassey1) January 24, 2023

Some linked the failure to poor planning, high prices, and lack of NFT and web3 understanding.

After seeing Porsche’s underwhelming web3 release, following other underwhelming releases from similarly huge brands – it begs the question, who is advising them? I’d like to officially put myself out there as a consultant to throw ideas around with. Brands: stop rushing.
— BETTY (@betty_nft) January 23, 2023

Other car brands’ NFTs 
In August, British car manufacturer Bentley hinted at its possible exploration of the NFT ecosystem using its carbon-neutral Polygon platform to launch its 208 limited collectibles. 
In September, US-based car manufacturing company Ford Motors announced its desire to invest in NFTs and the peculiarities of the metaverse, the car brand sealed its claims with 19 trademark applications. 
In October, Lamborghini revealed that it would collaborate with Web3 Pro and INVNT. ATOM is to release limited edition “World Tour” non-fungible tokens (NFTs), which will complement its 8-month “Epic Road Trip” NFT collection campaign.

This article has been originally published at: https://crypto.news/porsche-halts-its-nft-minting-amid-negative-feedback/